The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-09-07
BUSINESS TROUBLES.
The Assets and Liabilities of Ives & Co. as
Shown by the Assignee's Report.

| signee for Henry S. Ives & Co., made his report
to the Superior Court this afternoon. It is a
voluminous document. filled with tables and
| figures The liabilities are SIT. 666, 175. 16; the
nominal assets $25 664, 26S. 81 and the actual
| assets $1l. 122. O16.76 Secured creditors bills
payable, amount to 81 673, $1,000. The liabilities
stock loaned amount to $1.010,000 The
amount due to unsecured creditors is SO, $50.
116. So. In the assets the figures follows:
Stocks. nominal value, 500, 703. 8046 81; actual
value, So. All ,6S7. Bonds nominal value, 81, 249,
GEO. actual value. $1,219 Cos Sundry debts.
nominal value. $401, 929 90; actual vulue, $40l,-
927 65. Bills receivable, nominal value, ST. 196,
609 actual value. 81 ,086, 310 %. Sundry assets.
nominal value. $58, O75; actual value, SOL 1s9 o.
Borrowed stock, nominal value, $54, $50; actual
value, $54, $50.
The assignee says that the books of the firm
appear TO be in good form and regularly kept
and that the report was made up by an expert
accountant unacquainted with the assiguors.
The assgnors did not prepare and file their
schedules, and he, therefore. with the best OBJ
tainable Information, prepared and filed these.
The property comprises almost entirely stocks,
bonds and bills receivable Of the several
poratons with which Ives & Co. we're connected,
and in which their investments were made
These are the Cincinnati. Hamilton & Dayton,
the Cincinnati Wabash g. Michigan. the Dayton
g. Michigan, the Tore Haute g. indianapolis,
the Mineral Range. and the Dayton, Fit.
Wayne 81 Chicago railroads. Owing to this
failure of the assignors and to the
large deposit balances and other indebtedness
which they owe these companies Except the c.,
w. & NJ railroadl the credit of the companies,
the assignee declares, has become greatly i'm
paired although the physical condition and the
earnings of the properties were greatly improved
under the management of the assgnors. Legal
complications have sprung up. and the invest
ment public has become disturbed by many in
furious rumors and assertions. These things
have go unsettled confidence in these properties
that the securities of the assigned estate
rendered almost entirely unmarketabls at this
time then, too the large indebtedness to these
value of the securities. The assignee adds:
''Al of this large estate is out of loans to cred
itors and held by them as collateral security ex-
cept the Hancock and Calumet stock and about
30 900 shares of the Dayto Fit Wayne & Chi
csgo Railroad Company's stock, aud q small
amount ofmiscellaneous notes of small value.
These loans are being called daily, and the securi
ties are being offered for SALE The assignee has no
means of protecting the estate against such
sales. aud is dependent on his ability to induce
creditors TO suspend sale until confidence in the
securities is regained by re-esta blshment of the
companies. by finding other parties with
more confidence than the present holders to
take mp and carry the loans"
The assignee says further that the value of
the securities is largely depressed just now be-
cause of the uncertainty as 70 where the control
of the companies will finally lodge. and whether
they will be worked in harmony fall into
hands at war with each other. The cause of the
difference in the schedules between the nominal
and actual values arises. he says, from the above
and the general depreciation in the market value
of the securities The good marketable securi-
ties on the loans are being disposed of to reduce
the loans and save a large interest charge. He
adds:
after application OF such securities to the
loans, the creditors hold the securities with
which the assignors were connected, and which
have described above and in every instance,
with trifiing exception. there will exist large
balances lin proportion to the marketable secur-
tiles so held) or the loans. against which the
assignors' securities will remain. and uusaleabe
at this time" The assignee adds that~''the large
equity in the loans is liable to be swept away
if the creditors do not forpear and
cooperate with the assignee in saving
the same" II is claimed by those who have
studied this document of Mr.. Cromwells that
the actual assets. including only the firms
equities in the hypothecated securities is only
about $780, 00 Among the debtors to the firm
are Albert Meter, $3.50, 600; secured by c., FL. 81
D. stock Among unsecured creditors named
are H. s. Ives, as trustee for the Terre Haute e.
Indi annapolis Railroad Company. $100.0 900, and
F. H. Short treasurer Terre Haute 81 Indian
apolis Railroad Com pany. s., 315. 7347S